Kawasaki Kisen Kaisha’s (K Line) Norwegian offshore venture has come to an ignominious end.
After years of losses, management in Tokyo has decided to disband K Line Offshore, a company it established in in Arendal, a city in southern Norway in 2007 at the height of a previous shipping and offshore boom.
K Line will sell the Norwegian subsidiary’s fleet comprised of four platform supply vessels and two anchor handlers and shut the company, revealing today it will likely register an extraordinary loss of approximately Y17bn ($149.7m) from the move.
